Day: October 24, 2019

The Intergovernmental Action Group Against Money Laundering in West Africa (GIABA), the regional FATF-style body, issued a news release on 24^th October saying that the meetings will be held in the capital of Senegal on 10^th to 16^th November.  The 2^nd Round Mutual Evaluation Reports of Benin and Mali will be considered.  The Evaluation and Compliance Group (ECG) experts will also consider the first Follow-Up Report to the 2^nd Round Mutual Evaluation of Senegal as well as the Follow-Up Reports under the 1^st Round Mutual Evaluation of The Comoros, Cote d’Ivoire, Liberia, Guinea and Gambia.

https://www.giaba.org/press/view_2135.html

This blog is primarily for my own use, to keep informed and up to date. However, if you would like to say thank you (and perhaps help me get a new, better laptop when I am away…) you can “buy me a coffee” at https://www.buymeacoffee.com/KoIvM842y

On 24^th October, FATF published a best practices guide intended to, FATF says, help countries get rid of the cloak of secrecy concerning the ultimate owner of a company, foundation, association or any other legal person, and prevent their misuse for crime and terrorism.  It identifies the most common challenges that countries face in ensuring that the beneficial owner(s) of legal persons is identified, and suggests key features of an effective system; and suggests options for jurisdictions to obtain beneficial ownership information of overseas entities.

http://www.fatf-gafi.org/media/fatf/documents/Best-Practices-Beneficial-Ownership-Legal-Persons.pdf

This blog is primarily for my own use, to keep informed and up to date. However, if you would like to say thank you (and perhaps help me get a new, better laptop when I am away…) you can “buy me a coffee” at https://www.buymeacoffee.com/KoIvM842y

On 22^nd October, the Bulletin of the Atomic Scientists published an article which sets out to provide a quick technical rundown of some of the most prevalent and most nasty ones, and how they infringe on human rights.  There are 4 major categories:

• commonplace tactics for censorship and surveillance;
• widely available surveillance tools in the commercial marketplace;
• tactics influenced by the rise of the sovereign internet; and
• technologies based upon the model of the Trojan horse.

https://thebulletin.org/2019/10/a-brief-field-guide-to-the-internets-tools-for-repression

This blog is primarily for my own use, to keep informed and up to date. However, if you would like to say thank you (and perhaps help me get a new, better laptop when I am away…) you can “buy me a coffee” at https://www.buymeacoffee.com/KoIvM842y

On 24^th October, the US Treasury advised the issue of new General Licence K (Authorizing Maintenance or Wind Down of Transactions Involving Cosco Shipping Tanker (Dalian) Co Ltd).  The License covers all transactions and activities prohibited under section 5 of Executive Order 13846 that are ordinarily incident and necessary to the maintenance or wind down of transactions involving, directly or indirectly, Cosco Shipping Tanker (Dalian) Co., Ltd., or any entity owned, directly or indirectly, 50% or more by Cosco Shipping Tanker (Dalian) Co., Ltd.  The License runs to 20^th December.

https://www.treasury.gov/resource-center/sanctions/OFAC-Enforcement/Pages/20191024.aspx

https://www.reuters.com/article/us-iran-nuclear-usa-cosco/u-s-gives-firms-time-to-wind-down-deals-with-cosco-unit-hit-by-iran-sanctions-idUSKBN1X324O

This blog is primarily for my own use, to keep informed and up to date. However, if you would like to say thank you (and perhaps help me get a new, better laptop when I am away…) you can “buy me a coffee” at https://www.buymeacoffee.com/KoIvM842y

On 24^th October, the UK published the Cross-border Trade (Public Notices) (EU Exit) (Revocation) Regulations 2019 which revoke the Cross-border Trade (Public Notices) (EU Exit) Regulations 2019.  Powers under the revoked regulations would have provided HM Treasury with a temporary power for 6 months to issue public notices on the basis of recommendations made by the Commissioners for HMRC, to suspend, relieve, and in some cases, modify obligations and associated sanctions arising under customs, VAT and excise regimes.  After they were laid before Parliament, concern was expressed over the legality of the regulations as drafted and on review HM Treasury and HMRC considered it appropriate to revoke them.  The revocation has effect from 25^th October.

http://www.legislation.gov.uk/uksi/2019/1380/contents/made

This blog is primarily for my own use, to keep informed and up to date. However, if you would like to say thank you (and perhaps help me get a new, better laptop when I am away…) you can “buy me a coffee” at https://www.buymeacoffee.com/KoIvM842y

KYC 360 has launched a new monthly podcast series to feature interviews with key figures in financial crime prevention, with the first episode, on 24^th October, featuring an interview with David Lewis, Executive Secretary of FATF.  In this exclusive interview he talks about AML successes, failures and the role of jurisdictions and businesses alike in the battle against AML.

https://www.riskscreen.com/kyc360/podcast/david-lewis-executive-secretary-fatf/

This blog is primarily for my own use, to keep informed and up to date. However, if you would like to say thank you (and perhaps help me get a new, better laptop when I am away…) you can “buy me a coffee” at https://www.buymeacoffee.com/KoIvM842y

On 23^rd October, Insurance Marine News reported that the Nigerian Navy recently intercepted a small craft and arrested its occupants for providing security services to a merchant ship and who did not have the appropriate permit to operate as a security vessel.  Nigeria forbids the presence of private maritime security contractors in its waters, and prevents Gulf of Guinea vessel operators from using on-board armed guards, but does permit civilian boats and armed Nigerian Navy active duty service members – though some security services firms have said that this system suffered from high costs and poor reliability.

https://insurancemarinenews.com/insurance-marine-news/nigerian-navy-arrests-seven-for-providing-maritime-security-services/

This blog is primarily for my own use, to keep informed and up to date. However, if you would like to say thank you (and perhaps help me get a new, better laptop when I am away…) you can “buy me a coffee” at https://www.buymeacoffee.com/KoIvM842y

An article in the Gleaner on 24^th October reported that former Dirk Harrison, who resigned in September from the Integrity Commission as acting director of corruption prosecutions, detailed how the pockets of local contractors are raided by politicians, police, etc although already faced with stiff competition from foreigners who enjoy vast concessions.  The revelations are described as “stunning”.  He said that he knew of contractors who refused to vie for government contracts because it was no longer profitable for them because of endemic corruption between the processes of bidding and competition.

http://jamaica-gleaner.com/article/lead-stories/20191024/extortion-racket-former-corruption-czar-says-politicians-dons-police

This blog is primarily for my own use, to keep informed and up to date. However, if you would like to say thank you (and perhaps help me get a new, better laptop when I am away…) you can “buy me a coffee” at https://www.buymeacoffee.com/KoIvM842y

In its newsletter on 21^st October, ACFCS reported that 3 people have been indicted for their roles in a complex scheme to launder nearly $30 million in illicit drug proceeds by transferring bulk cash from Mexican drug trafficking organisations to Chinese nationals residing in the US – an underground banking system that should be on the radar of financial crime compliance professionals.  According to the indictment, the defendants’ money laundering scheme was designed to remedy 2 separate problems: drug trafficking organisations’ inability to repatriate drug proceeds into the Mexican banking system and wealthy Chinese nationals restricted by China’s capital flight laws from transferring large sums of money held in Chinese bank accounts for use abroad.

https://www.acfcs.org/fincrime-briefing-fatf-update-laundering-risks-from-stablecoins-more-aml-pressure-on-brazil-mckinsey-tackles-cyberrisk-stanford-ponzi-settlement-and-more/

This blog is primarily for my own use, to keep informed and up to date. However, if you would like to say thank you (and perhaps help me get a new, better laptop when I am away…) you can “buy me a coffee” at https://www.buymeacoffee.com/KoIvM842y

On 23^rd October, Stephenson Harwood LLP published a useful briefing looking at recent decisions of the Reviewing Committee on the Export of Works of Art and Objects of Cultural Interest, which reviews deferred export licence applications and other legal issues brought up by a recent court case (in which the matter in dispute was whether a painting had been “lawfully” dispatched to the UK in 2007 and therefore whether the Arts Council England was the competent authority to grant an export licence to remove it from the EU to Switzerland), considers briefly the EU Cultural Goods Bill which would transpose the EU Cultural Goods Regulation into UK law  (and which may be affected by Brexit, of course) and looks at some recently updated guidance from the UK Government on exporting or importing objects of cultural interest if there is no-deal Brexit.

https://www.shlegal.com/insights/export-licensing

This blog is primarily for my own use, to keep informed and up to date. However, if you would like to say thank you (and perhaps help me get a new, better laptop when I am away…) you can “buy me a coffee” at https://www.buymeacoffee.com/KoIvM842y